Property sales at 446 in the month fell significantly on a seasonally adjusted basis in March and were down a very significant 47% as compared to a year ago. This clearly shows the devastating impact of the February earthquake on the city of Christchurch and the wider Canterbury region. The inventory of unsold houses rose again to remain above the long-term average at 41 weeks of equivalent sales.

The stratified mean sales price at $350,838 was up 3% as compared to a year ago and up from the prior month. The asking price expectation of new listings was down slightly by 1% as compared to a year ago at $357,986.

The level of new listings coming onto the market in March at 1,297 was up slightly as compared to February but down a significant 36% as compared to a year ago.